Tuesday, May 24, 2011

Solar Company Loses Multimillion-Dollar Tax Breaks

A Massachusetts economic development board voted yesterday to cut off two multimillion-dollar tax breaks for Evergreen Solar Inc., two months after the company shuttered the manufacturing plant it built in Central Massachusetts with state aid and eliminated 800 jobs.

The decision is part of an effort by state economic officials to settle accounts with the troubled company, which once seemed so promising that Massachusetts gave it a total of $58 million in incentives to build the factory in Devens, at the site of a former military base.

State officials said they plan to send Evergreen a retroactive property tax bill for $1.5 million. But it remains unclear whether they will be able to recoup any of the $21 million in cash grants that were part of the package.

SOURCE: http://articles.boston.com/2011-05-20/business/29565438_1_evergreen-solar-property-tax-tax-credits

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